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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Helena Valley Northeast, located in Montana's zip code 59602, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The zip code has 54 affordable housing units, all designated as low-income units. This LIHTC inventory represents 0.52% of the estimated 10,330 housing units in the zip code, based on the 2022 population and national average household size.
The LIHTC projects in zip code 59602 have received $386,716 in project tax credits, averaging $7,161 per unit. This funding represents 0.21% of Montana's total LIHTC allocation, indicating a small investment in affordable housing for this area.
Affordable housing has been present in this zip code since at least 2001, with the completion of the Ptarmigan Residences project. The most recent project, Pheasant Glen, was completed in 2003, suggesting a period of affordable housing development spanning at least two years. The early 2000s saw the most affordable housing activity in this area.
All 54 units in the LIHTC-funded projects are one-bedroom apartments, indicating a focus on housing for individuals or small households. The Ptarmigan Residences, completed in 2001, targets individuals with disabilities, addressing a specific need within the community.
Zip code 59602 has experienced steady population growth, increasing from 22,268 in 2013 to 26,962 in 2022. Median income has risen from $69,010 in 2013 to $77,751 in 2022, suggesting overall economic improvement in the area.
The racial composition of zip code 59602 has remained predominantly white, although there has been a slight decrease from 93% in 2013 to 89% in 2022. There has been a small increase in Hispanic population (from 1% to 4%) and those identifying as two or more races (from 2% to 5%) during this period.
Despite population growth and income increases, no new LIHTC projects have been recorded in the last decade. This could be due to various factors, including changes in local housing policies, shifts in funding priorities, or possibly a perception that existing affordable housing stock is meeting current needs.
The 59602 zip code area has a small but established affordable housing inventory funded through the LIHTC program. While these projects represent a small percentage of the total estimated housing units, they provide crucial low-income housing options, particularly for individuals requiring one-bedroom units. The area has seen significant demographic changes over the past decade, including population growth and increased median income. However, this has not translated into new LIHTC developments in recent years. The existing affordable housing stock, while limited, continues to play an important role in the community's housing landscape.